Big, juicy stake

Your weekly roundup of all things real estate!

ICYMI We’re 48.39% of the way through May, but there’s no reason to be anything except 100% caught up on your RE headlines: Chartwell now has an even bigger stake in the retirement game after firming a deal to acquire minority ownership in Seasons Retirement Communities in partnership with Fengate.  The Strait of Hormuz has been closed for more than two months, and before you ask, ‘What does that have to do with real estate?’, read this.  CMHC has dropped its latest mortgage report and it shows that borrowers are turning to variable-rate and shorter-term products in growing numbers.  The fate of Westbank’s Joyce Street project in Vancouver is uncertain after a receivership order was granted over a (more than) $100 million debt. Three-bedroom apartments in Toronto are bucking the national trend of rent depreciation, posting an annual increase in April. It’s a supply and demand sort of sitch. Is there anything more hotly debated than housing in Canada? Probably not — but the nature of the discourse is changing.  The Metro Vancouver Regional District is rolling it back on DCCs, in a move that’s being celebrated by developers (who are collectively screaming, ‘Finally!!!’). Toronto Pearson is already one of Canada’s best (and busiest) airports, and it’s about to get better.  Soon, Canadians will be able to obnoxiously slurp up Dunkin’ Refreshers too, with the company planning to expand into Toronto and Montreal as early as this year. "It's a date" for Vancouver's Oakridge Park mall opening. And that date is May 28.  City Park Homes has announced a corporate rebrand: the company is now City Park.  CMHC has expanded its mortgage options to boost prefab and modular construction (which could ultimately help reduce timelines by up to 50%).   Rennie and The Agency have announced a new partnership, expanding the Vancouver-based firm's reach (by a lot).  BY THE NUMBERS Put a number on it. 2009 The year the Canadian office vacancy rate is expected to come back down to its pre-pandemic level of 8%, almost a decade after COVID-19 upended the sector.   460,000 sq. ft The amount of new housing, shelter, and community space that will be created in the GTA thanks to a $2.2 million investment from the United Way Greater Toronto.   25,000 The number of construction jobs lost across Canada in April, making the sector one of the most concentrated for job losses in the month.   4.3% The industrial real estate vacancy rate in Vancouver as the market continues to work through the surplus inventory from 2023 and 2024. QUOTE OF THE WEEK “The policy that the BoC functions under is to try and keep inflation, which is the year-over-year change in price of goods, to 2 or 3%. And when we have oil and fertilizer prices shooting up, the cost of producing and transporting goods goes up. When they get high enough, the Bank of Canada will be forced to react.” - Toronto Mortgage Broker Marshall Tully on the impact of the Strait of Hormuz closure on interest and mortgage rates. THE BUILD UP Let us introduce you to some up-and-comers.  Wesgroup Revises Civic District Master Plan Project In Surrey The project at 10355 King George Boulevard is set to include 1,900 new homes across four towers between 40 and 50 storeys. READ MORE Altree Adds Second 43-Storey Tower To Weston Village Proposal The proposed “east” tower mirrors the built-form and materiality of a 43-storey “west” tower approved for the site in July 2025. READ MORE PLUS: CreateTO has unveiled new renderings for 805 Wellington Street West, where plans are in motion to bring new affordable housing to the Strachan House site. Montreal-based Jesta Group is making waves in Toronto’s slumping condo market after announcing a $500 million investment that will be rolled out over the next year. FEATURING The built environment's best just got their moment. Presented by SiteMedia Canada's built environment is full of exceptional young leaders. It's time they got their due. 40 Under 40 has long recognized the nation's best young construction talent. This year marks its biggest evolution yet — now open to leaders across the full industrial ecosystem, from construction and development to manufacturing, energy, and more. STOREYS is proud to co-launch this celebration alongside SitePartners and the SiteMedia family of publications: SiteNews, ReNew Canada, STOREYS, Water Canada, Environment Journal, Waste & Recycling, and HazMat. Nominations are officially open. You're already thinking of someone. Put their name forward. NOMINATE TODAY   BUY CURIOUS Listings worth getting pre-approved for. Riverside Beauty Hits Bracebridge’s Market For $600K For buyers looking for a genuine turnkey cottage, this one — listed at $599,999 — is hard to argue with. READ MORE Elevated Modern Listed Just Under $3M On Manning Ave ​For Toronto buyers who covet a walkable neighbourhood, 305 Manning is worth a look. READ MORE PLUS: Selena Gomez has stepped into marriage... and into a new home, which means her $6.5 million Encino mansion is for sale.  DOORS OPEN Shop ‘til you drop (all your savings). ON Bright And Trendy Corner-Unit Condo (Newmarket) 106 - 543 Timothy St. May 16, 1-3 pm BC Sun-Kissed Duplex Stuns In Main Street (Vancouver) 2 372 E 37 Ave. May 16, 2:30-4 pm | May 17, 2:30-4 pm MOVING DAY All the movers and shakers in real estate. People: Marc-André Flageole has joined Hazelview Investments as Managing Partner, Portfolio Manager. Joel Bishop and Nathan Lee have joined Brookfield Properties as Associates of Capital Markets and Investments.  Tyler Pridham has joined Manulife as Managing Director of Real Estate Transactions. Annie Yang has joined WSP as Project Planner.  Dhenu P. has joined Ontario’s Ministry of Municipal Affairs and Housing as Assistant Land Use Planner. Grosvenor Property Canada has named a new executive leadership team. Avison Young has announced its Ontario summer 2026 interns.  Jeff Hutchison has joined Habitat for Humanity GTA as Committee Member after 20 years with Hazelview Investments. Stuart Brown has retired from Tarion after 21 years. Places: Allied Properties REIT is looking for a Specialist of Activations.  QuadReal Property Group is looking for a Director of Operations for Vancouver and Calgary. Woodcliffe Landmark Properties is looking for an Assistant Project Manager of Construction. Reside Properties is looking for a Site Supervisor of Multiplex Construction. The Rose Corporation is looking for an Analyst to join its real estate investments team.  CMHC is looking for a Bilingual Senior Advisor of Construction Financing and Underwriting to help advance its Apartment Construction Loan Program. LOOKING AHEAD Save the date and your spot. May 19: More Neighbours Toronto’s MAKING ROOM series presents: Multi-Unit Housing for Families: A Path Forward. May 19: ULI Toronto is hosting a webinar: Policy Pile-Up: The Unintended Economics of Well Intended Municipal Standards (registration required). May 20: Toronto City Council’s May session begins.  May 20: ULI Toronto is hosting a webinar for members: Bloor & Dufferin: Canada's Next Major Rental Community (registration required). May 21: The Green Line is hosting an event in Toronto: Get Help With Housing Problems: A Toronto AMA for Renters & Homeowners (tickets required). May 23-24: Doors Open weekend returns to Toronto. All rights reserved SiteMedia © 2026.   You received this email because you are subscribed to our weekly newsletter. You can update your preferences or unsubscribe from this list.